【Macro/Trade Seminar】Mobility and Housing: Cash-based Resettlement in China's Shantytown Renovation
2025/05/20
研討會日期 : 2025-05-20
時間 : 14:30
主講人 : Professor Xinle Pang
地點 : Conference Room C103
主持人 : Professor Han Yang
演講者簡介 : Professor Xinle Pang received his Ph.D. in Economics from Pennsylvania State University in 2023. He is currently an Assistant Professor at the University at Buffalo. His research interests are Macroeconomics, International Trade, Economic Geography, and Urban Economics.
演講摘要 : How does relaxing household borrowing constraint affect housing markets in models with endogenous migration? We answer this question by exploiting the implementation of shantytown renovation program with cash-based resettlement in China during 2015-18. We find empirical evidence that the cash resettlement has led to more intercity migration and increased house price in the destination cities due to increasing demand from immigrants. The effect mainly occurs between city-pairs with larger house price gap between destination and originating cities in 2014, consistent with the view that a relaxation of borrowing constraints allows household to migrate to previously less affordable cities. Endogenous migration matters for the effect of relaxing household financial constraint as households are more likely to face binding constraints to buy houses at desired cities. We then quantify the program effect with a dynamic spatial model with endogenous migration and collateral constraint.
